Japan-based human resources software provider SmartHR has raised ¥1.5bn ($13.8m) in series B capital from investors including corporates Nissen Group and Tokio Marine & Nichido Fire Insurance, The Bridge reported on Tuesday.
Insurance firm Tokio Marine & Nichido and marketing agency Nissen participated alongside a special purpose vehicle formed by venture capital firm 500 Startups Japan as well as undisclosed corporate venturing units, institutional backers and angel investors.
Founded in 2015 as Kufu, SmartHR has built a cloud-based software platform that enables employers to automate human resources activities such as enrolment and employee benefit and insurance schemes.
The cash will fund a multichannel marketing campaign and the recruitment of additional personnel for SmartHR’s product development team. The company intends to double the size of its headcount, chief operating officer Takafumi Kurahashi told TechCrunch.
SmartHR has raised approximately $18.7m altogether, including $4.9m secured in an August 2016 funding round led by VC fund World Innovation Lab that included 500 Startups Japan and Beenext.
Internet company Digital Garage’s seed-stage corporate venturing unit, DG Incubation, had joined Beenext and East Ventures to invest a six-figure dollar sum in the company six months before.